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The commodity price moves were the upside to a week in which both domestic and Chinese growth looked weaker.

Westpac said bad news on the global economy must have already been priced in, since the local dollar rose over the week.

“The AUD has bounced this week despite the weaker China flash PMI outcome and a benign inflation print," Westpac currency expert Jonathon Cavenagh wrote in a note to clients. “A rate cut is now back on the agenda but a move seems unlikely at the May meeting."